14: Financial Considerations – Links & Resources

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Online Resources

  • Ties to the Land: Your Family Forest Heritage.
    2006. Bentz, C. J.; M Green; R Irvin; C. Landgren; C. Lync; S. Watkins; B. Withrow-Robinson. Austin Family Business Program, Oregon State University, Corvallis, OR. 76 p.
    http://www.familybusinessonline.org/index.php?option=com_content&view=article&id=51&Itemid=52

  • Description: The Website offers a publication, workbook, and video for sale. These products lead a woodland owner through the process of determining how to dispose of land upon the death of the owner. It covers the family discussions that are needed as well as different legal entities created to sustain your woodland.

  • Forest Landowners’ Guide to the Federal Income Tax
    (U.S. Department of Agriculture, Forest Service, Agriculture Handbook, No. 718) (ISBN 0-16-042794-0). 2001. Haney, L. Jr.; W. Hoover; W. Siegel; J. Green. U.S. Government Printing Office, Washington, DC. 157 p.
    http://www.fs.fed.us/publications/2001/01jun19-Forest_Tax_Guide31201.pdf

    Description: This is the best general reference to learn how to report woodland management income and expenses on your federal income tax forms. It is updated about every 10 years so it does get outdated.

  • Internal Revenue Service
    www.irs.gov

    Description: The IRS has dozens of detailed publications that explain how to report all income and expense transactions on your federal income taxes.

  • Small Business Administration
    www.sba.gov

    Description: This is a comprehensive website for information about how to start a small business and comply with federal laws. If you want to structure your woodland enterprise as a small business to take advantage of appropriate tax deductions, this is a good place to start.

  • National Timber Tax Website
    www.timbertax.org

    Description: This is an excellent Website for woodland owners to look up answers to specific questions about how to report forestry-related income or expenses on your income taxes. It is more up-to-date than the Forest Landowners’ Guide to the Federal Income Tax mentioned above and includes more detailed information.

  • Employer’s Supplemental Tax Guide (IRS Publication 15-A)
    http://www.irs.gov/pub/irs-pdf/p15a.pdf

    Description: This publication will answer your questions about who are employees and what forms you need to file with the federal government to meet all your obligations as an employer.

  • Property Tax Relief for Forest Landowners.
    2010. Baughman, M. and M. Reichenbach. University of Minnesota Extension. 15 p. (see PDF)
    http://www.myminnesotawoods.umn.edu/2009/11/property-tax-relief-minnesota-forest-landowners/

    Description: This publication summarizes Minnesota’s Sustainable Forestry Incentive Act, Class 2c and Green Acres laws.  These laws reduce property taxes or offer an incentive payment to landowners that meet program criteria, have a woodland management plan, and follow program rules.

  • Forest Tax Laws.
    Wisconsin Department of Natural Resources
    http://dnr.wi.gov/forestry/ftax/

    Description: Learn about Wisconsin’s Managed Forest Law and the Forest Crop Law. Under both programs landowners must follow a written woodland management plan and program rules in exchange for a lower property tax rate.

  • Qualified Forest Property.
    Michigan Department of Natural Resources and Environment
    http://michigan.gov/dnr/0,1607,7-153-30301_30505_34240-164332–,00.html

    Description: Michigan woodland owners that have a forest management plan on at least 20 contiguous acres and who agree to follow program rules may qualify for a property tax reduction. Participants are required to report to the Department of Natural Resources annually the amount of timber produced on this land and whether any buildings or structures have been constructed on the land. The amount of land eligible is limited to 900,000 acres statewide for Tax Year 2010.

  • Property Tax
    Minnesota Department of Revenue
    http://taxes.state.mn.us/property/pages/index.aspx

    Description: This Website has up-to-date information on Minnesota’s property tax laws, including those affecting woodland. Get information about the Sustainable Forestry Incentive Act, Class 2c, and Green Acres laws among others.

  • Who Gets Grandma’s Yellow Pie Plate
    University of Minnesota Extension
    http://www.yellowpieplate.umn.edu/04-hh.html

    Description: This Website offers educational materials on transferring personal property.  The examples provide a good template for use when discussing titled property.  A workbook and video may be purchased. Some articles are free. It’s all about communicating with your loved ones about how to dispose of personal assets upon the death of a family member.

Print Resources

  • Depletion Accounts: Guide for Consulting Foresters and Landowners (North Central Region Extension Bulletin NCR 609).
    1999.Potter-Witter, K. and C.W. Ramm. East Lansing, MI: Michigan State University.

    Description: This publication explains how to calculate a depletion allowance which is the portion of the cost-basis that you can deduct at the time of a timber sale or other disposal.

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